Survey of over 5,000 Medicare beneficiaries found 76% intend to review and potentially change their coverage this year
47% of beneficiaries began seeing new doctors this year while 41% began using new prescription drugs
87% are worried about the impact of inflation on their personal health care costs
SANTA CLARA, Calif., Oct. 5, 2023 /PRNewswire/ -- A lot can change in a year, and the best health plan for your needs last January will not necessarily be the best one next January. New original research from eHealth, Inc. (Nasdaq: EHTH) (eHealth.com), a leading online private health insurance marketplace, sheds light on the factors that drive many to reconsider their coverage options during Medicare's Annual Enrollment Period (AEP), which begins on October 15 and runs through December 7, 2023.
In a survey of over 5,000 Medicare beneficiaries, eHealth found that 76% intend to review their coverage choices this AEP. Among Medicare Advantage enrollees, 50% have been with their current plan for two years or longer. Among Part D prescription drug plan enrollees, that figure is 64%.
Changes in their medical needs and personal finances suggest many consumers may need to find a new plan better suited to their circumstances. Nearly half (47%) began seeing new doctors in the past year, while 41% began using at least one new prescription drug. Four in 10 (41%) say their personal finances have changed in the past twelve months.
Additional highlights from the report:
- 87% of respondents are worried about the impact of inflation on their health care costs.
- Beneficiaries are twice as likely to think the way AEP works should change (32%) than to think it should stay as it is (16%).
- Among those who feel AEP should change, 62% support an Annual Enrollment Period timed to coincide with their birth month, rather than a single 8-week span intended to serve the needs of all 65+ million beneficiaries.
eHealth also found that Medicare beneficiaries who use eHealth to review their options and enroll in a new plan are more informed about AEP and more confident they can find a plan suited to their needs:
- 72% of eHealth customers know when Medicare's Annual Enrollment Period occurs, compared to 47% of Medicare beneficiaries in the general population.
- 55% of eHealth customers feel "very confident" they can find the right Medicare plan for their needs, compared to 34% of Medicare beneficiaries in the general population.
eHealth's original research is based on a voluntary survey of more than 5,500 Medicare beneficiaries who purchased their current plan through eHealth. An additional survey of more than 250 Medicare beneficiaries drawn from the general public was also conducted for the purposes of comparison. Refer to the methodology note at the end of the report for more details.
About eHealth (NASDAQ: EHTH)
We're Matchmakers. For over 25 years, eHealth has helped millions of Americans find the healthcare coverage that fits their needs at a price they can afford. Consumers can visit our health insurance marketplace at ehealth.com, or call us to speak with a licensed insurance agent at 1-833-964-1202. As a leading independent licensed insurance agency and advisor, eHealth offers access to over 180 health insurers, including national and regional companies.
For more information, visit ehealth.com or follow us on LinkedIn, Facebook, Instagram, and X. Open positions can be found on our career page.
Media inquiries, please contact: pr@ehealth.com
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SOURCE eHealth, Inc.